The release of certified tax rolls in Manatee and Sarasota counties July 1 revealed another 10% average drop in taxable values.
Town staff confirmed a 10.5% drop in property values town-wide Monday, July 6.
The town’s taxable values dropped approximately $621,409,263, marking the second time year-to-year taxable values dropped on the island since 1988. Last year, the town’s taxable values dropped $648,787,520.
Based on the town’s current millage rate of 1.5 mills, the estimated tax-roll loss results in a budget-revenue reduction of approximately $908,967.
Preliminary tax-roll estimates released in June reported a 10.1% average property-value loss on Longboat Key. The revised numbers, however, tack on another $44,014 in lost revenue for the 2009-10 fiscal year budget deficit.
For Longboat Key taxpayers, the town administration announced the Town Commission can erase the $478,000 deficit by raising the current millage rate of 1.5 mills at least 6.4% to 1.5967 mills.
A slowing real-estate market led to a 10.4% tax-roll decline in Sarasota island values, which marked the second, consecutive year for a decline. In Manatee County, the Longboat Key tax roll was down 10.5% compared to a year ago.
In Sarasota County, property appraiser Bill Furst certified a Longboat Key tax roll of $3,793,313,381, compared to the previous year’s tax roll of $4,234,189,453.
In Manatee County, property appraiser Charles Hackney certified a town tax roll of $1,532,759,596, compared to the previous year’s tax roll of $1,713,292,787.
It’s only the second time in the last 21 years that the town has experienced a decline in assessed values for two, consecutive years.
TAX ROLL DECLINES
• Sarasota County Property Appraiser Bill Furst certified a Longboat Key tax roll of $3,793,313,381, compared to the previous year’s tax roll of $4,234,189,453, for a 10.4% decline.
• Manatee County Property Appraiser Charles Hackney certified a town tax roll of $1,532,759,596, compared to the previous year’s tax roll of $1,713,292,787, for a 10.5% decline.
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23 LBK Chamber of Commerce Networking Luncheon
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25 Manatee Audubon -- Bird walk at Leffis Key
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29 Santa Jaws at Mote Aquarium
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6 4th annual Longboat Key Gourmet Lawn Party
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A fitting tribute
A day after receiving an Ageless Creativity Award from the Ringling College/Longboat Key Center for the Arts in honor of their late father, Ed Brickman, daughter Carol Diamant and son Eli Brickman held a celebration of life service Saturday.
Alma mater honors Harold Ronson
Philadelphia University presented Longboat Key resident Harold Ronson with its “Leadership in Philanthropy” award Oct. 11, at its Homecoming Dinner Dance.